A coalition of state financial officers, many from resource-rich states and all Republicans, is pushing back against climate change-combating banks that have adopted corporate policies cutting off financing for the coal, oil, and natural gas industries.

Capex Outlook

“These industries – which are engaged in perfectly legal activities – provide jobs, paychecks and benefits to thousands of hard-working families in our states and we will not stand idly by and allow our peoples’ livelihoods to be destroyed to advance a radical social agenda,” said West Virginia State Treasurer Riley Moore. “I’m not going to let woke capitalism destroy the jobs and the economy of West Virginia.”

Capital spending by U.S. exploration and production (E&P) companies is projected to increase 23.5%...